14Oct14

Kazakhstan's president ratifies Eurasian Economic Union treaty

Kazakhstan's President Nursultan Nazarbayev signed a law on Tuesday on
ratifying the treaty on the Eurasian Economic Union, a Russia-led three-member
bloc seen as an alternative to the EU.

"The head of state has signed the law of the Republic of Kazakhstan "On
ratification of the Eurasian Economic Union Treaty," the presidential press service
said in a statement.

The text of the law is to be published in local newspapers, the statement reads.

Russia ratified the treaty on October 3. Nearly a week later, on October 9, the law
on ratifying the treaty was adopted by the Belarusian parliament. On the same
day, the document was signed by the country's President Alexander Lukashenko.

The Eurasian Economic Union Treaty was signed by the presidents of Russia,
Kazakhstan and Belarus on May 29, 2014.

The treaty provides for free movement of commodity, services, capital and labor
force within the union. It also envisages that the three countries coordinate or
pursue common policy in certain economic sectors.

The Eurasian Economic Union is seen as a tool to strengthen economies of its
member states and to bring them closer together, moreover, such closer
integration will add to their competitive edge on the global market.

[Source: Itar Tass, Astana, 14Oct14]

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